Day traders in Tokyo are famous for their love of technology companies, new listings and volatility. So many expect fireworks when messaging app Line Corp., the biggest tech initial public offering of the year, makes its Japan trading debut on Friday.
Accounting for about a fifth of the nation's daily turnover, the traders have a tendency to favor stocks popular with the general public. That is leading many to expect a feeding frenzy — at least initially — for shares in a service that has become intertwined with the daily lives of Japan's population.
"Given its popularity, it feels like it could fly out of the gate," said Naoki Murakami, who has been day-trading for 11 years and is a minor celebrity among the community, paid by brokerages to speak at investor conferences. "It's a stock everyone is looking at. Since the IPO is so popular, I think there's no shortage of people who will want to buy a piece of it at the outset."